Define the term globalization. What are the pros and cons of the effects of it?

The term globalization is the process of integration among the countries to operate on a large scale. Rapid technological advancements in the 21st century have made it possible for the countries across the globe to connect with each other due to improved transportation system and high-speed telecommunication services. Technology has made globalisation possible in

this

modern era .

This

essay will discuss the advantages and the disadvantages it can have on society as a whole. The greatest advantage of globalisation is the economy of scales . Due to the availability of high-speed planes and modern ship vessels, trade-in huge quantities has become possible which has provided a boom to the industries. Due to the high volume of exports, the countries now enjoy economies of scale because of reduced manufacturing cost. Higher exports have caused the economy of the countries to flourish.

Further

,the availability of imported good in the country will increase the competition amongst local manufacture. These manufacturers will not only improve quality but will reduce the prices to compete with imported goods.

This

will benefit the consumers as they will now have a variety of products with good value of money.

For example

, cars in Pakistan were very expensive

last

year due to the monopoly of local manufacturers but

this

year the government has allowed the import of Japanese assembled vehicles.

This

has caused the local car manufacturers to reduce the price which in turn has benefited the consumers.

Secondly

, it has made it easier for people around the globe to connect with each other far more conveniently.

For instance

, a person can connect to his friends and family abroad using social media

such

as Facebook, zoom, Whatsapp etc.

Thirdly

, the economy of the counties, depending on the tourism sector will flourish because of the large volume of tourist inflows due to better transportation services available.

However

, with ease comes difficulties. Many believe that globalization has made the job market insecure. According to the latest research, unemployment has risen by 4% in developed countries as companies are hiring cheap labour from the underdeveloped countries in order to save their cost.

This

is because the presence of globalization has made it easier for people to commute from one place to another.

Further

, the outflow of skilled workers from under-developed countries to the developed countries have resulted in the drain of valuable technical resources of these countries which in turns slow down the cycle of technology and innovation. I would like to conclude that globalisation has made a great impact in a wider perspective on our lives due to its numerous advantages.

However

, to enjoy these benefits it is very important to devise strategies relating to the drawbacks it holds.